Business
Purebread Brands Inc. Reports Fourth Quarter and Full Year 2024 Results
Annual revenue of $10.6 million, up 308% year-over-year Q4 revenue of $4.0 million, up 567% ye...
About this update from Purebread Brands Inc.
[{"type":"text","content":"\nPurebread Brands Inc. Reports Fourth Quarter and Full Year 2024 ResultsAnnual revenue of $10.6 million, up 308% year-over-yearQ4 revenue of $4.0 million, up 567% year-over-yearResults reflect only six months of contributions from Purebread Bakery (acquired September 2023)Vancouver, British Columbia--(Newsfile Corp. - August 1, 2024) - Purebread Brands Inc. (TSXV: BRED) (\"Purebread\" or the \"Company\") today announced its financial and operational results for the fiscal year and fourth quarter ended March 31st, 2024. All financial information is presented in Canadian dollars unless otherwise indicated.Q4 and FY 2024 HighlightsFY 2024 revenue of $10.6 million, a 308% increase from $2.6 million in the prior year.Q4 2024 revenue of $4.0 million, a 567% increase from $0.6 million in the prior year.Q4 2024 represents the eighth consecutive quarter of at least double-digit growth for Coho Collective Kitchens and Purebread Brands.Store sales at Purebread Bakery vs. the previous year were up 27% overall, contributed to by a 6% increase in Same Store Sales (surpassing Company growth targets).FY 2024 Adjusted EBITDA of $(1.7) million, a 46% improvement from $(2.8) million in the prior year. Improvements in Adjusted EBITDA are attributable to: i) the contributions of Purebread Bakery, acquired in September 2023, ii) revenue growth in the Company's new and existing shared kitchen facilities, and iii) ongoing efforts to streamline the business and maximize efficiency in operating expenses.Subsequent to year-end, the Company opened the eighth Purebread Bakery location, which was opened in less than 2 months. The Company continues to identify growth opportunities to rapidly scale the business, with priority on opening new Purebread Bakery locations.At the end of Q4, the company enacted a series of profit maximization efforts which included the following and will be discussed further as Q1 and future quarter results are shared in the coming months.At Coho Commissaries:The increase of rental rates across the membership to account for rising costs.Reduction of 20% of Coho Commissary staffThe successful onboarding of Sodexo's Global Purchasing Organization (GPO) that reduced vendor costs throughout - while maintaining consistency and qualityAt Purebread:The roll out of an improved retail packaged products (which includes a new cold drink progra...